SEQUOIA CAPITAL INDIA
Want a slice of AI pie? Here's what it will cost stock market investors
Retail investors are now viewing AI as a promising investment frontier, with significant potential for gains by investing in leading companies in this field. Nvidia, a maker of AI chips, has seen its stock surge threefold in the past year, making it one of the most valuable companies in the world with a market capitalisation over $3 trillion.
Premium luggage maker Eume raises Rs 15 crore in funding round led by Ashish Kacholia
Eume plans to open its first flagship store this year, starting in Mumbai and tapping the aspirational population in tier II and III cities are among the company's top priorities. The Mumbai-based luxury brand offer diverse products like luggage, vegan handbags, and accessories, among others. Eume's sales are split equally between its own website and marketplaces.
Silicon Valley VC fund General Catalyst acquires Venture Highway; will deploy $1 billion in India
Venture capital fund General Catalyst is acquiring India-focussed early-stage investor Venture Highway to strengthen its India presence. As part of this move, Venture Highway—which has backed unicorns like Meesho and Moglix—will cease to exist and will transition into General Catalyst India. This comes in the backdrop of a larger reset in the global venture capital industry after the exuberance of the pandemic years.
Peak XV, Steadview, and Think Investments line up to fund jewellery retailer Bluestone in pre-IPO round
Jewellery retailer Bluestone is in talks with Peak XV Partners, Steadview Capital, and Think Investments for a $100 million pre-IPO round. The investment is expected to value Bluestone at around $900 million pre-money.
How investors struck gold in the new-age IPO boom
In the last month, several new-age companies backed by venture capital, have or are set to hit the public markets. This has resulted in a gold rush for their investors. Travel tech platform Ixigo is set to go public next week, while insurtech firm Go Digit and coworking startup Awfis have already listed on the exchanges in the past one month. Their investors, including Peak XV Partners, Elevation Capital, ChrysCapital and TVS Capital and A91 Partners, are sitting on multiple returns from some of these investments.
Sports apparel maker Technosport raises $25 million in funding from A91 Partners
Bengaluru-based Techno Sportswear raises $25 million from A91 Partners for its performance wear brand Technosport, marking its first fundraise.
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Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Venturi Partners invests $27 million in Peak XV-backed K12 Techno
Venturi Partners acquired a 5.12% stake in K12 Techno Services from Navneet Learning, operating Orchids international schools. The firm invests from its $180 million maiden fund in companies like Livspace, Country Delight, and Pristyn Care.
Data collaboration software firm Atlan raises $105 million; valuation nearly doubles to $750 million
Funding led by Singapore's GIC and US-based Meritech Capital values startup at $750 million, up from $450 million in March 2022 when it last raised funds
Mohit Gupta, Mukesh Bansal’s omnichannel fashion startup Lyskraft raises $26 million in seed funding
Former Zomato executive Gupta will steer the venture as CEO, Bansal to stay away from operations. The fashion startup will focus on offline play in the premium women's wear fashion category and expand into other lifestyle segments later.
ChrysCap buys small stake in generics company La Renon for Rs 600 cr
Incorporated in 2007 by Pankaj Singh, La Renon is engaged in the manufacturing and marketing of branded generic formulations. ChrysCapital is close to acquiring a minority stake in La Renon Healthcare via secondary sale of shares, at a valuation of Rs 6,500 crore ($800 million), ET first reported on February 12.
Tata Motors wants EV sops extended; Peak XV's new fund
Tata Motors, which dominates the local EV market with a share of more than 70%, wants New Delhi to help replicate an enabling environment similar to the one in China that has pledged to support adoption of electric vehicles until unit sales touched at least a fifth of all new cars sold.
A91 Partners on track to raise its largest fund at $700-750 million
A91 Partners, launched in 2018, debuted with a $350 million maiden fund. Just three years later, they scaled up significantly, securing $550 million for their second fund, targeting both late-stage venture and early-growth investments. This will be among the fastest scaleups in terms of fund size for a domestic investment fund.
VCs hire experts to help with exits as LPs look for returns
One of the major concerns voiced by investors regarding India consistently has been the lack of exit liquidity opportunities. To take on this problem, over the last two years, leading venture capital funds including Lightspeed, Accel and Matrix Partners India have sought out professionals with investment banking expertise.
Spacetech startup Digantara raises $2 million from Aditya Birla Ventures, others
The latest capital infusion marks the final close of the Bengaluru-based startup’s Series A stage of funding at $12 million. In June 2023, Digantara had raised $10 million led by Peak XV Partners (formerly Sequoia Capital India and Southeast Asia).
Byju on rights issue, board changes; PhonePe launches Indus Appstore
Days ahead of a decisive extraordinary general meeting, Byju Raveendran wrote a letter to shareholders informing them that the edtech firm’s rights issue has been fully subscribed. Details of this and more in today’s ETtech Top 5.
A reset is on cards at Byju’s cap table post rights issue value cut
Depending on the final set of investors subscribing to the share sale, Byju’s founder Byju Raveendran may also end up owning more in the co if he manages to arrange capital for the financing.
Shift in sentiment: Angel investors exercise caution amid changing startup dynamics
The Indian startup scene has seen a shift in angel investor focus, with many investors becoming more cautious. In 2020, angel investors like Reshbha Munjal and Zuhaib Khan shifted their investments to private markets after seeing the success of companies like Flipkart and Ola. However, some investors have faced challenges, with startups ceasing operations and struggling with fundraising.
Delhi HC orders apps to suspend accounts impersonating Peak XV, Sequoia Capital
The accused impersonated Peak XV and Sequoia Capital to create bogus investment platforms that duped many unsuspecting investors. The scam came to light after the Peak XV Partners alerted the general public through posts on Linkedin and Twitter on December 28 last year.
Byju’s big valuation cut by BlackRock; HCLTech, Wipro earnings a mixed bag
Happy Friday! Beleaguered edtech company Byju’s valuation has been slashed again – this time to $1 billion – by BlackRock, the world’s largest asset manager. This and more in today’s ETtech Top 5.
Peak XV Partners sells 1.5% stake in Aptus Value Housing for Rs 213 crore
Peak XV Partners, through its affiliate, Peak XV Partners Investments VI sold the shares in two tranches of Aptus Value Housing Finance India on the National Stock Exchange.
ETtech Deals Digest: Early-stage deals in focus as startup funding remains muted at $146 million this week
Indian startups secured $146 million in funding across 22 rounds this week, down 70% from last year’s $494 million across 46 rounds, according to market research firm Tracxn.
Wealth management firm Neo raises $35 million from Peak XV Partners
The round marks one of the bigger growth cheques that Peak XV has written this year after separating from its US-franchise Sequoia Capital, amidst an ongoing funding winter.
ETtech Deals Digest: Startups raise $86 million in funding this week
Funding in Indian startups plummeted almost 38% from $139 million raised across 33 rounds in the same period last year, according to data provided by market intelligence firm Tracxn.
E-visa startup Atlys raises $12 million from Elevation Capital, Peak XV, others
The funds raised will be used to expand the platform’s product offerings for travellers, attract customers and further strengthen the team through talent acquisition, the statement added. The San Francisco, California-headquartered startup had previously raised a $5 million seed round in 2021.
ETtech Deals Digest: Startups raise $103 million this week as funding drought persists
Startups raised just $103 million across 17 rounds in the last seven days. The funding raised by these companies plunged 85% year-on-year, from the $688 million raised across 45 rounds last year.
Spacetech startup Digantara raises $10 million in funding from Peak XV Partners
Spacetech infrastructure startup Digantara has raised $10 million as part of its latest round of funding led by Peak XV Partners (formerly Sequoia Capital India).
Sequoia makes first defense tech investment in Mach Industries
Sequoia's funding of a technology that aims to use hydrogen creation on the battlefield signals the latest interest from Silicon Valley investors in backing technologies that bolster U.S. national security and working with the Department of Defense.
ETtech Deals Digest: Startups raised just $86 million this week
New-age companies mopped up just $86 million this week across 17 rounds, recording a sharp fall of 58% from the same period last year, according to data provided by market research firm Tracxn.
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